A recent report published by
Infinium Global Research on IoT analytics market provides in-depth analysis of
segments and sub-segments in the global as well as regional IoT analytics
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional IoT analytics market over the short term
as well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of the global IoT analytics market. According to the
report, the global IoT analytics market is projected to grow at a CAGR of 30.5%
over the forecast period of 2020-2026.
Advancements in the IT and
electronic industry have given birth to several innovative technologies such as
artificial intelligence (AI), Machine Learning, Big data, and cloud computing.
Internet of Things (IoT) is one of such innovations in the field of IT
industry. IoT works on a network of interconnected devices attached through
wired or wireless connections. All the devices are connected to the workstation
system that is used for identification. The major purpose of IoT is to
accumulate data and control the surrounding environments through various
sensors. The IoT analytics analyze the data generated by these connected
devices. IoT analytics use data analysis tools and procedures to derive value
from the huge volumes of data from IoT devices. IoT analytics allows
organizations to optimize their operations, and improve decision making.
Moreover, it can help organizations in improving human productivity, enhance
equipment maintenance, and operations optimization and automation.
Within the novel coronavirus
(COVID-19) pandemic, technological solutions have been critical in keeping
cities functional. The long-lasting impacts of engaging technologies on urban
areas may occur beyond COVID-19. IoT enabled control and automation systems to
support remote workers for manufacturers and businesses to provide services.
The IoT protocols, especially Bluetooth Low Energy (BLE) along with NFC, RFID,
GPS, and Wi-Fi are receiving much attention for providing solutions to these
challenges. Furthermore, these technologies are playing a growing role in
helping authorities inhibit the further spread of COVID-19, while also treating
those that are unfortunately infected. IoT, in specific and particularly when
combined with other transformative technologies such as Cloud and AI, has seen
use in a wide range of applications during this crisis. This in turn, is
expected to boost the market growth over shorter time period.
The growing adoption of IoT
devices in emerging industry verticals is majorly driving the growth of the
global IoT analytics market. The IoT analytics help in identifying potential
issues in several industries, enabling businesses to perform predictive
maintenance and avoid costly downtime. Information derived by the IoT analytics
is utilized to analyze trends, which helps business owners to gain insights
into decisive trends and make informed evidence-based decisions. Moreover, the
evolution of edge computing for the IoT Ecosystem is further propelling the
growth of the market. Edge Computing for the Internet of Things assists the IoT
ecosystem through data processing closer to the end device. However, the rise
in the concerns regarding data security is majorly hampering the market growth
for the global IoT analytics market. IoT-enabled devices produce a large volume
of data. If the IoT devices are poorly protected, then cyber attackers may use
them as entry points to cause damage to other devices in the network. On the
other hand, the growing smart city initiatives across the developing economies
are anticipated to boost the IoT analytics market in the future.
In terms of region, North America
generated the highest revenue in the global IoT analytics market. The growing
application of IoT and connected devices is the major factor driving the growth
of the North America IoT analytics market. Large automotive, manufacturing,
aerospace, electronic industries are producing an enormous opportunity for the
North America IoT analytics market in the forecast period. Moreover, the growing
activities in the field of IoT by the major technology players such as Apple
and Google are supporting the growth of the North America IoT analytics market.
The growing number of smart city initiatives and the rising trend of smart
homes in North America are also contributing to the growth of the IoT analytics
market in North America. Whereas, the Asia Pacific IoT analytics market is
anticipated to grow with the highest CAGR over the forecast period of
2020-2026. Easy availability of cost-effective hardware and software rise in
the research and development in the field of IoT analytics, and the option to
shed very few legacy technologies are some of the factors contributing to the
fast growth of the market in the Asia Pacific.
The report on global IoT analytics
market covers segments such as component, deployment type, and end-user. On the
basis of component, the sub-markets include software, and services. On the
basis of deployment type, the sub-markets include cloud, and on-premises. On
the basis of end-user, the sub-markets include healthcare, BFSI, manufacturing,
retail, government and defense, and others.
The report provides profiles of
the companies in the market such as IBM Corporation, Microsoft Corporation,
Oracle Corporation, SAP SE, Cisco Systems, Inc., Dell Technologies, Inc.,
Amazon.com, Inc., Alphabet Inc., HP Enterprise Company, and Hitachi, Ltd.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of IoT analytics market. Moreover, the study highlights current market
trends and provides forecast from 2020-2026. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.